Tax Reform a Major Concern for Small Business

By NSBA, Special for USDR

The National Small Business Association (NSBA) today released the 2017 Small Business Taxation Survey which quantifies the federal tax burden on small-business owners, and provides their opinions on various tax reform proposals.

“Today, we have the first real chance for broad tax reform in a generation,” stated NSBA President and CEO Todd McCracken. “However the overwhelming majority of small businesses believe Congressional failures—partisanship and a lack of effort—are the biggest challenge facing reform, and one-third don’t believe tax reform will ever be enacted.”

Among the survey’s findings: the majority of small businesses say that administrative burdens are actually a bigger problem than the financial cost of federal taxes; and one-in-three small businesses report spending more than 80 hours—two full work weeks—each year on federal taxes. The survey also asked about sales tax, payroll taxes and deficit reduction, and ranked the most problematic taxes as well as the most useful deductions.

When asked about tax policy, the most broadly-supported tax reform is one that would reduce taxes and deductions for both corporations and individuals—no surprise given the majority of small businesses (83 percent) are pass-through entities and therefore file business taxes at the individual tax level. Furthermore, since the majority of small businesses don’t export or import, 67 percent said that a border-adjusted tax system would have no direct impact on their business.

“The number-one tax related concern of small businesses today is the possible elimination of deductions and credits without an offsetting reduction in tax rates,” stated NSBA Chair Pedro Alfonso of Dynamic Concepts, Inc. in Washington, D.C. “The need for broad tax reform—and not just a tinkering here and there—is a real need for millions of American small businesses.”

The 2017 NSBA Small Business Taxation Survey was conducted online March 8-30 among 950 small-business owners.

Please click here to download the full report.

Celebrating 80 years in operation, NSBA is a staunchly nonpartisan organization advocating on behalf of America’s entrepreneurs. NSBA’s 65,000 members represent every state and every industry in the U.S. Please visit www.nsba.biz or follow us at @NSBAAdvocate.

SOURCE National Small Business Association

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.
Show Buttons
Share On Facebook
Share On Twitter
Share On Google Plus
Share On Linkdin
Share On Pinterest
Share On Reddit
Share On Stumbleupon
Contact us
Hide Buttons
Rimons twitter widget by Rimon Habib